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Obama Nominates Gotbaum Again as PBGC Director

July 21, 2010
Related Topics: Financial Impact, Benefit Design and Communication, Policies and Procedures, Latest News
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President Barack Obama has once again nominated Joshua Gotbaum to be director of the Pension Benefit Guaranty Corp.

The president originally nominated Gotbaum, an operating partner at private equity firm Blue Wolf Capital Management in New York, for the top PBGC position in November, but the nomination stalled in the Senate.

Sen. Sherrod Brown, D-Ohio, blocked Gotbaum’s nomination as part of a dispute with the PBGC over the termination of pension plans sponsored by Troy, Michigan-based Delphi Corp.

Frustrated by the delay, Obama bypassed Congress while it was in recess this month and named Gotbaum as PBGC director. As a recess appointee, though, Gotbaum can serve only through the end of 2011 under Senate rules.

By renominating him on Monday, July 19, the president made it clear he wants Gotbaum to run the PBGC through the end of his term.

Gotbaum is expected to join the PBGC this week, an agency spokesman said.  

Filed by Jerry Geisel of Business Insurance, a sister publication of Workforce Management. To comment, e-mail editors@workforce.com.

 

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